ST. PETERSBURG, Fla.–Second-quarter net income for HSN was $15.4 million on a non-GAAP basis, down 16 percent from the second quarter of last year.
Including adjustments, the television shopping-channel company’s net in the second quarter was $13.6 million, compared to a second-quarter 2008 net loss of $277.6 million. Under the GAAP measures, last year’s second quarter included $300 million in charges for good will and intangible asset impairment related to HSN’s Cornerstone lifestyle-brands segment.
The company’s net sales decreased 8 percent to $640.1 million in the quarter, including a 21 percent drop-off in Cornerstone’s sales. Units shipped declined 5 percent to 11.9 million, and the average price point on second-quarter sales was $59.82, off 4 percent from last year.